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Back to School: Tax & Organizational Tips

27 September 2011

It’s nearly the end of September (whew) and we’re wrapping up back to school. To help you stay organized, I’ve made a list of five quick tax tips – for everyone but especially students – to keep in mind: April 15 of each year is the due date for filing your federal individual income tax [...]

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Back to School: Education Costs as Business Expenses

25 September 2011

t’s common to think about education expenses as they relate to fresh faced college students just starting out – but what about the rest of us? Can you deduct the cost of an education when you’re not pursuing a degree or certificate for your first career? You might. Under some circumstances, you may be able [...]

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Back to School: Education Savings Bonds

25 September 2011

Okay, you already know how savings bonds work… They’re backed by the federal government so the principal is guaranteed. When you buy them, federal savings bonds earn interest which is free from state and local income taxes. Federal income tax on the bonds is generally deferred until you cash the bonds in or until they [...]

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Back to School: Scholarships and Fellowships

21 September 2011

With all of the focus on the cost of higher education, it’s easy to forget that there are a number of scholarships and fellowships available. Scholarships are generally funds paid to or for the benefit of a student at an undergraduate or graduate school who is studying for a degree. Fellowships are funds paid for [...]

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Back to School: Tuition and Fees Deduction

18 September 2011

You may be able to deduct qualified tuition and related expenses that you pay for yourself, your spouse, or a dependent, as a tuition and fees deduction. The deduction can reduce the amount of your income subject to tax by up to $4,000 so long as your modified adjusted gross income (MAGI) is not more [...]

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Back to School: Education Tax Credits

18 September 2011

Education tax credits can help offset the costs of paying for your education or costs you pay for an eligible student who is your spouse or a dependent you claim on your tax return. For 2011, the American Opportunity Credit and the Lifetime Learning Credit are available to qualified taxpayers who pay expenses for eligible [...]

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Back to School: Deductions for Soccer, Cheerleading and Extracurricular Activities?

15 September 2011

I need a full time assistant just to manage the kids these days (don’t worry, Mom, I don’t actually have one). School started last week which means that this week, extracurricular activities have started in earnest. In addition to escorting my kids back and forth to dance, gymnastics and soccer, respectively, I have to spend [...]

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Back to School: The 411 on 529

13 September 2011

Take a good look at this face. If all goes according to plan, you’re looking at Penn State University’s starting quarterback in 2025. No, it’s not just because he’s handsome, likes sports and has godmothers that happen to be rabid PSU football fans (as if there are any other kind) – though those things are [...]

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Back to School: Do Tax Preparer Exams Keep Taxpayers Safe?

10 September 2011

It’s not just the kids that have to take tests these days. Attorneys, CPAs, doctors, engineers, architects and nurses must generally pass standardized competency tests in order to practice. You can now add tax professionals to the list. Over the past year, the IRS has made increased oversight of tax professional a top priority. As a [...]

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Back to School: Volunteering Your Services

6 September 2011

My kids started school today and already the cry for volunteers has started. I’m not complaining because I get it. Schools are increasingly the target of cuts in spending (deserved or not is another question) and as a result, they are in a scramble to make up for missing programs, teacher shortages and funding. Fortunately, [...]

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